1 Sep 2023
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
According to the ABS (Australian Bureau of Statistics) the unemployment rate as at July 2023 stands at 3.6% or 528,800 unemployed people.
The reason we do not understand what is going on with unemployment is because youth unemployment for 15 to 24 year olds is running at 7.8% which is double the total rate and businesses keep announcing that they can’t find people to work.
The Federal Government has responded by migrating 195,000 people into Australia during the 30 June 2023 financial year and adding a further 190,000 during the current 30 June 2024 financial year.
The total over the three years to 2025 is expected to be circa 600,000 people which is a lot of new people.
The good news is that Australia’s youth are not suffering through the employment disaster currently befalling Spain which stands at 27.4% unemployment.
If you have family, friends or colleagues that want financial advice please ask them to contact us and we will work out how best to help.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.